WTI is described as light due to its relatively low density and mild due to its low sulfur content (Cite source). WTI is the underlying commodity for oil futures contracts on the New York Mercantile Exchange (NYMEX). If calculated using the current purchasing power of the US dollar, that is, after removing the effects of inflation over the last 45 years, from 1970 to 2015, according to NYMEX, the WTI crude oil price rose from $15 to $120 per barrel. (Cite source). When talking about oil prices in the past to predict the future, we have seen a lot of vicissitudes phrases. From 1974 to 1985, oil prices fluctuated in a range of $50 to $120 per barrel. From 1986 to 2004, for almost 20 years, oil prices fluctuated between $20 and $50 per barrel. There are, however, two exceptions for this period: when the price of crude oil exceeded the $50 ceiling or fell below the $20 floor: when Iraq attacked Kuwait in 1990 and when the Russian Federation devaluation of its currency in 1998 due to the effect of the East Asian economic crisis in 1997. Later, from 2005 to June 2015, oil prices returned to the 1974-1985 range, which is between 50 and 120 dollars.